San Francisco Bay Area

Many paths. One direction.

Toward enduring value.

We invest our own capital across public and private markets, with a focus on semiconductors and businesses shaped by technological change.

Our approach Reflections

The idea

Our opportunities may span industries, technologies and asset classes. Our principles remain constant.

The world is constantly changing. Markets cycle, industries transform, and new technologies redefine what is possible. We approach these changes with curiosity, conviction and a commitment to fundamental research.

Our interests span public and private markets, with particular attention to technological innovation, structural growth and asymmetric opportunities. There are many paths to investment success. Our direction stays constant: toward enduring value.

Principles

Our approach

  1. Think independently

    We look for insight beyond consensus, built on fundamental research rather than market sentiment.

  2. Invest in structural progress

    We look for businesses and technologies positioned to benefit from durable shifts in the global economy.

  3. Underwrite asymmetry

    We favor opportunities where the potential reward justifies the capital at risk, rather than pursuing growth at any price.

  4. Let time compound

    We have the patience to hold strong investments, and the flexibility to change course when the thesis changes.

Our perspectives evolve. Our principles endure.

How we work

Five steps, taken in one direction.

  1. 01

    Explore

    Look across industries, technologies and asset classes. Most of what we see, we pass on.

  2. 02

    Research

    Build an independent view from fundamental work, not from market sentiment or consensus.

  3. 03

    Underwrite

    Write down the thesis, the price, and the evidence that would prove us wrong. Size each position by the balance of reward and capital at risk.

  4. 04

    Hold

    Give strong investments the time to compound. Revisit a thesis when the facts change, not when the price does.

  5. 05

    Review

    Every decision gets a written review, whether it worked or not.

Portrait of Kimball Chen

Leadership

Kimball Chen

Founder & Chief Investment Officer

Kimball Chen founded Oneway Capital in 2024, combining semiconductor-focused investing with hands-on experience building technology products and an ecommerce business. His work spans AI, healthcare software and gaming.

About the firm

At a glance

Established
2024
Based in
San Francisco Bay Area
Capital
Proprietary
Markets
Public and private
Focus
Technology and structural growth
Horizon
Long-term